However, after numerous comments, the IRS appears to be abandoning the two alternative methods in favor of using the transactional approach. 31, 2020 (for more details on Notice 2020-43, see our story, “ IRS proposes tax basis capital reporting methods”). 22, follow up on Notice 2020-43, which proposed to allow partnerships to use either the modified outside basis method or the modified previously taxed capital method to report partner capital accounts on Schedule K-1 to satisfy capital account reporting requirements for partnership taxable years ending on or after Dec. Return of Partnership Income,” for tax year 2020 that require partnerships to use a transactional approach to report partner tax basis capital in Item L of the Schedule K-1. The IRS has released an early draft of the instructions to Form 1065, “U.S.
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